The new EBRD energy strategy: Still a long way to go for aligning the Bank’s investments with the Paris Agreement
On December 13, the Board of the European Bank for Reconstruction and Development (EBRD) adopted a new strategy for the energy sector. The strategy will have an impact on the use of billions of Euros of public funds in the energy sector. Unfortunately, the strategy represents a missed chance to truly align all investments by the banks with the goals of the Paris climate agreement. Although the strategy has made progress compared to the previous energy strategy, it is far less ambitious then the precedent set by the World Bank in 2017 that excludes all financing of upstream oil and gas activities.